LONDON (Alliance News) - Tengri Resources PLC Tuesday said it has discovered high-grade gold mineralisation at the Bashkol project in the Kyrgyz Republic from the first three drill holes at the Bekbulaktor prospect.
The mining exploration and development company, formerly known as Mentum Inc, said assay results from its second drill hole confirms the potential for strong gold mineralisation and results include a 2.7 metre space at 6.4 grams per tonne of gold from 257.3 metres depth.
The company said its second drill hole found multiple gold bearing regions but the first hole did not intersect significant mineralisation.
Tengri is exploring the Bashkol licence under a farm-in agreement in which the company can earn up to a 70% interest in the project by spending a total of AUD7 million before December 31, 2021 in two stages.
The Bashkol project is 60 kilometres along strike from the 18 million ounce Kumtor Gold Mine in the Tien Shan Gold belt, which hosts some of the worlds largest gold deposits.
The company said it was particularly happy with the results as it was forced to test the North prospect site due to the onset of winter rather than what it considers the more prospective South prospect.
In June, Mentum Inc acquired the mineral exploration and development operations of Robust Resources Ltd in the Kyrgyz Republic for a total of GBP27 million in Mentum shares, before changing its name.
The company's shares, which continue to trade under the name of Mentum, increased 3.1% to 16.50 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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